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CHINA> National
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CIC denies reports of huge losses in US
(China Daily)
Updated: 2008-10-16 07:23 China Investment Corporation (CIC), the country's $200 billion sovereign wealth fund, denied media reports Wednesday that it has incurred major losses in its investment in Reserve Primary, a US money market fund.
"The fund has confirmed through written documents that it will pay back both principal and interest of our investment," CIC said in a statement on its website. A Sept 29 US Securities and Exchange Commission filing shows that Stable Investment held 11.1 percent of Reserve Primary's institutional shares worth $5.4 billion at the beginning of the month, according to media reports, which said Stable Investment had also invested roughly $5.9 billion in three other US money market funds. |
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